provident question

cattie1

I know this may seem like a sill question but foolishly we took out a provident loan (then paid it back) and then got another 1 e.t.c e.t.c until we are now paying £60 a week back:o :eek: (part of this is someone else's loan that I stupidly let them get in my name and are now refusing to pay!):mad:
I don't want to go on a dmp for all of my debts as I can easily afford them and want to buy my council house soon and already have a rubbish credit score:rolleyes:
but these provident loans are a struggle, I am basically paying a months rent to them! I know the lady who collects (have even covered her shifts before) and she is lovely but if I tell her I am struggling or miss a payment she becomes really narky.
Is there anything I can do to reduce these payments?

Welshlassie

I don't understand how in one sentence you say you can esiely afford the debts and then in another say the loans are a struggle.

Maybe you should post your SOA so everyone can advise if there are any areas you can cut back and make life a bit easier.

Is there really no way you can make this person you took the loan out for pay it??

COOLTRIKERCHICK

i used to work for provident a few years back...

all the interest is front loaded... or used to be....

what the problem is ... the collector is on a running scale for payment.. so if you pay her the proper payment.. she will get her full commision...

on the other hand ifshe get someone who doesnt pay.... then they deduct money from her commission... its on a point system... and the points are worth money...

unless they have changed it over the last few years....

as the loan is front loaded.... ie.. the interest is added on at the begining.....even if you pay £1. a week... there will be no more interest added.....as far as i am aware... these loans are not listed with a credit agency... and are only logged when there has been a total non-payment... you would still be on the collectors book for about 26 weeks before they would try and claim ..

its in the interest of the collector to get as much money from you... but she can not do anything about it...
yes she will moan and groan....but as long as you are paying....a reasonable amount... you should be ok... and dont forget it will be the same amount you end up paying back.....regardless of how much you pay every week...

as for the loan for your friend in your name.... you signed the agreement...so sorry its your responsability...


hope that makes sense...

but at the end of the day.... do you really want this loan to be hanging round you for indefinate.... maybe worth just over-payning here and there... and get rid of it... and wipe the slate clean.... and dont borrow from them again....

lynzpower

could you take the person who you took the loan out for to the small claims court- worth a try.

Could you sell some stuff to find the money for provi. If you overpay, then it will cost you less in the long run?

cattie1

Welshlassie wrote:

I don't understand how in one sentence you say you can esiely afford the debts and then in another say the loans are a struggle.

Maybe you should post your SOA so everyone can advise if there are any areas you can cut back and make life a bit easier.

Is there really no way you can make this person you took the loan out for pay it??

Sorry I'll rephrase it, I would be able to pay all my other debts easily if I didn't pay provi, I manage them at the moment as they are more "priority debts" to me, where as provident although I do pay every week it is a struggle, because it is so much.
I have already posted my soa a few times and have cut down on a majority of things.

cattie1

lynzpower wrote:

could you take the person who you took the loan out for to the small claims court- worth a try.

Could you sell some stuff to find the money for provi. If you overpay, then it will cost you less in the long run?

It wont cost less in the long run because the add the interest from the beginning.
I don't know about small claims court it is family-might cos a few rifts!
I don't have a pc at home but have loads of books and stuff I could sell-if I knew how to do it!-unless you have to put photo's uop cos I would have to do it at work.

lynzpower

books- use green metropolis.

Have a look at the site. You can simply write down the ISBN at home ( do a list) and you can just type in the numbers onto the site & the condition, ( as new/ good/ acceptable) and thats that, no photos or anything :j

It is a bit slow, you may have more luck with amazon, but I struggle with the site TBH.

I didnt know provi is front loaded - damn

cattie1

lynzpower wrote:

books- use green metropolis.

Have a look at the site. You can simply write down the ISBN at home ( do a list) and you can just type in the numbers onto the site & the condition, ( as new/ good/ acceptable) and thats that, no photos or anything :j

It is a bit slow, you may have more luck with amazon, but I struggle with the site TBH.

I didnt know provi is front loaded - damn

thanks will give this a go.:T

rog2

Hi Cattie,

Not a lot of advice, I'm afraid - sorry. I hold strong views on 'Provident' type of lending, but recognise that they serve a sector of the market that more conventional lenders won't touch - £60.00 a week is a lot for anyone, regardless of circumstances.
All I can advise you is to try and resist taking on any further lending from Provident - going to be tempting with Christmas coming up, I know.
Other than that all I can offer is :grouphug: :grouphug:

Good luck
Rog2

cattie1

thanks everyone-I would just like to make everyone aware,
these loans are from before I became a dfw convert!:eek:
I have no temptation to take another 1 out as I know how silly they are now!:D

Eager_Elephant

Hi,

I deal with Provident/Greenwood debts all the time.

The Head Office is very good dealing with 3rd parties like CAB, they call the account back from the local branch and then send to the solicitors who collect the money in.

The problem is you just can't ring Provident up and ask them to reduce your payments you would need to treat all creditors equally.

I haven't had a chance to look at your SOA but if they are one of the smaller debts then it might be worth ringing the local office and tellign them you can't afford to pay your full amount but you can afford x amount.

The doorstep collector can't collect what you don't have so if you tell her you only have £10 she will have to take it or leave it, I expect she manages to convince you that all sorts of dreadful things will happen when in reality it is only her commission that will suffer.

EE